Renovate America stirs sleeping PACE market

Property Assessed Clean Energy (PACE) issuer Renovate America is breathing life back into an otherwise quiet market with a deal backed by residential PACE liens. Instead of tapping the securitization market, PACE providers are choosing to go down alternative routes, such as pursuing private transactions or arranging forward flow agreements, sources say.

The San Diego-based company filed ABS-15G documents with the Securities and Exchange Commission for HERO 2019-1 on Tuesday. Barclays is the sole lead for the transaction. In May, Kroll Bond Rating Agency upgraded the ratings on all of Renovate America’s outstanding securitizations since 2014 to a triple-A from
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